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Abcourt Mines Inc
Symbol C : ABI
Shares Issued 288,703,070
Close 2018-09-10 C$ 0.055
Recent Sedar Documents

Abcourt releases Sleeping Giant resource estimate

2018-09-10 14:17 ET - News Release

Mr. Renaud Hinse reports

43-101 RESOURCES CALCULATION OF THE SLEEPING GIANT MINE

A National Instrument 43-101 resource calculation has recently been prepared for Abcourt Mines Inc. by Jean-Pierre Berube, a geological engineer. He is a qualified and independent person under National Instrument 43-101 and has relevant experience in this area.

A summary of measured, indicated and inferred resources is presented in the attached table.

                       SUMMARY TABLE OF MINERAL RESOURCES AS ESTIMATED IN 2018

Zone                Measured               Indicated             Measured plus             Inferred
                                                                   indicated
               Tonnes       Grade      Tonnes       Grade      Tonnes       Grade      Tonnes       Grade
                             (g/t)                   (g/t)                   (g/t)                   (g/t)

J                                      46,802        9.88      46,802        9.88      13,806        5.70
D                                      37,920        8.64      37,920        8.64      10,948        9.60
2                                       5,447       13.28       5,447       13.28       1,280        7.80
3                                      40,510        9.54      40,510        9.54                        
6                                      15,434        8.60      15,434        8.60      18,483       16.64
7                                      31,199       10.42      31,199       10.42                        
8                                       3,350        6.26       3,350        6.26       3,627        9.87
8 Sig                                  18,434        9.59      18,434        9.59                        
8N              2,993       15.50      11,368       10.44      14,361       11.49                        
9                                      12,297        7.08      12,297        7.08                        
15                                     15,664       13.86      15,664       13.86      13,619        8.07
16                                     15,816       11.10      15,816       11.10      22,165       15.36
18                                      9,497       14.33       9,497       14.33       2,096       10.80
20                                      9,763       10.79       9,763       10.79                        
30                                      8,418       10.09       8,418       10.09                        
30 Parc                                 4,981       10.70       4,981       10.70                        
30FW                                    6,155        8.43       6,155        8.43                        
30HW                                    2,303        6.46       2,303        6.46                        
30W                                    31,532       13.29      31,532       13.29       4,324       14.50
30 Shadow                              26,120        8.89      26,120        8.89                        
50              2,020        6.93      10,182       10.67      12,202       10.05       1,434       13.40
78H             5,902       12.28                               5,902       12.28       1,290        7.00
785N                                  112,440       14.27     112,440       14.27                        
Total          10,915       12.17     475,633       11.17     486,548       11.20      93,073        0.00
Rounded        10,900       12.20     475,625       11.20     486,500       11.20      93,100       11.85

Calculation criteria used:

  • Cut-off grade of 6.5 grams per tonne gold; some polygons under this cut-off grade were included to ensure the continuity of the zones;
  • Price per ounce of gold at $1,225 (U.S.) (three-year average) and an exchange rate of $1 (U.S.) to $1.20;
  • Maximum content of 60 grams per tonne gold for core samples and 55 grams per tonne gold for chip samples; a grade of 32 grams per tonne gold was applied for the polygons generated by the 2013/2014 drilling;
  • Specific gravity of 2.85 grams per cubic centimetres as used in previous resource estimates;
  • Resources were evaluated from diamond drill samples and face samples using the polygon method applied to inclined longitudinal sections;
  • The minimum true thickness of the veins is calculated from its dip; 1.6 metres for veins having more than 50 degrees and 1.8 metres for those having less than 50 degrees;
  • The vein content is determined by the drilling intersection and the content of the adjacent material to meet a minimum thickness of 1.6 metres or 1.8 metres;
  • One troy ounce is equal to 31.1035 grams; the metric system was used for these calculations (metres, tonnes and grams per tonne);
  • Calculated tonnes have been rounded to the nearest hundred; differences in the calculation total are due to rounded figures as recommended by NI 43-101;
  • Canadian Institute of Mining, Metallurgy and Petroleum definitions and guidelines were used for this resource calculation.

Quality control and reporting protocols

Considering the potential sources of errors that a laboratory may encounter in the context of large-scale sampling, Aurbec introduced a quality assurance and quality control (QA/QC) program in 2013/2014. This program consisted of: (1) the use of a control laboratory (Agat) to verify the accuracy of pulps and rejects results; (2) the insertion of blanks to control the sources of contamination; (3) the insertion of pulps in renumbered core sample rejects whose gold content was known to evaluate the reproducibility of the results; and finally (4) insertion of Rocklabs certified referenced material.

Core samples taken from diamond drill holes were split in two equal parts with a core splitter by Aurbec's employees. One-half of the core was prepared to determine its gold content while the other half was kept in the core box. The whole core from definition drilling samples was analyzed at the mine's laboratory.

The reception and preparation of samples at the mine's laboratory were done according to the accepted standards of the industry. The steps of drying, grinding (80 per cent passing 10 mesh), splitting and pulverization were followed to produce 200 grams of pulp, of which 80 per cent passes a 200-mesh screen. A pulp fraction weighing just under 15 grams (half assay ton) was used to determine the gold content of each sample. Although this quantity of pulp is one-half that used in the industry (one assay ton) for gold determination made during exploration programs, it is considered sufficient when used for mining sites given the large number of samples taken by producing mines. The analytical method consisted of pyro-analysis with an atomic absorption finish. The method has a detection limit of less than 0.01 gram per tonne gold.

After having examined Aurbec's internal protocol for controlling analytical results and compared 588 pulps and rejects made by an accredited external laboratory (Agat), the author is of the opinion that the manipulation, sampling and analysis of core samples, as performed at the mine's laboratory, are consistent with current industry standards.

Moreover, considering that:

  • The gold mineralization of the VMS-type (volcanogenic massive sulphide) vein deposits (which includes the Sleeping Giant gold deposit) is, by its nature, distributed more homogeneously than the gold contained in the classical vein deposits (Rafini, 2015);
  • The validation work done by InnovExplo (Jourdain, 2013) from drilling carried out prior to 2013, in areas also targeted by the 2013/2014 drilling program, concluded that the drilling database was adequate and reliable;
  • The update of the diamond drill hole database was done by Denis Desjardins, a qualified geologist having an extensive experience of the Sleeping Giant geology.

The author, Mr. Berube, is of the opinion that the analytical results of the Sleeping Giant mine's laboratory can be used safely for this mineral resource estimate.

Conclusions of the report

After having conducted a detailed review of all relevant information and completed the current mineral resource estimate, the author concludes the following:

  • Although very complex, the geological continuity and grades of the gold zones of the Sleeping Giant project have been demonstrated.
  • The Sleeping Giant project contains more than 22 mineralized zones spread over several levels.
  • With resources of 122,400 tonnes at 14.3 grams per tonne gold, the 785N zone ranks fifth among the major zones discovered so far after zones 3, 8, 20 and 30.
  • The extension of several mineralized zones has not been drilled so that it is possible to rediscover areas using existing access.
  • There are strong possibilities that a future diamond drilling program will promote inferred resources to the indicated category or to allow some known areas to extend laterally and at depth.

Recommendations

For the reasons listed in his report, available on SEDAR, Mr. Berube recommends a major program of underground exploration and evaluation, including the rehabilitation of infrastructures, the excavation of the last segment of the ore pass, the excavation of approximately 2,200 metres of crosscuts and drifts, and a provision of $1.2-million for exploration and definition drilling. The global budget represents a total of $8.2-million, which will be spread over a period of two years.

About Abcourt Mines Inc.

Abcourt Mines is a gold producer and a Canadian exploration company with strategically located properties in northwestern Quebec, Canada.

Abcourt is the sole owner of the Sleeping Giant property, which consists of four leases and 40 mineral titles.

The Elder property contains gold resources and was the subject of a positive preliminary economic assessment study in 2012.

The Abcourt-Barvue property has mineral resources in silver and zinc (2014).

We seek Safe Harbor.

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